Preemptive Right Procedure. The Company shall give each Eligible Purchaser at least ten (10) days’ prior notice before issuing any Offered Units (the “First Notice”), which notice shall set forth in reasonable detail the proposed terms and conditions of such issuance (including a range of terms and conditions if the terms and conditions of the issuance have not been finalized) and shall offer to each Eligible Purchaser the opportunity to purchase its Preemptive Right Percentage of the Offered Units at the same price, on the same terms and conditions (including, if more than one type of security is issued, each type of security in the same proportion offered) and at the same time as the Offered Units are proposed to be issued by the Company to the Proposed Purchaser (and each Class B Member/Eligible Purchaser shall be offered the right to purchase the number of Offered Units designated by Board vote as set forth above). If any Eligible Purchaser wishes to exercise its preemptive rights, it must do so by delivering written notice to the Company within ten (10) days after receipt of the First Notice (the “Election Period”). Each Eligible Purchaser’s notice shall state the maximum dollar amount of Offered Units such Eligible Purchaser would like to purchase which may equal or be less than its Preemptive Right Percentage of the Offered Units. The Class A-1 Members shall have the right to purchase any portion of a Member’s Preemptive Right Percentage that is not subscribed for during the Election Period.
Appears in 2 contracts
Sources: Limited Liability Company Agreement (Ranger Energy Services, Inc.), Limited Liability Company Agreement (Ranger Energy Services, Inc.)